Cost of buying your first home

Header image of a girl listening to music with headphones in.

Who is this page for?

If you’re a first time buyer, find out everything you’ll have to pay for when buying a house here.  

Cost of buying your first home

Buying your first home is exciting – but it’s good to know what you’ll have to pay for to make it happen.

Making a budget based on different costs you’ll pay is a good way of preparing for getting your first house. You’ll pay for:

  • Your deposit
  • Solicitor fees
  • Stamp duty
  • Mortgage costs

Use our guide to understand the first time buyer costs and fees you’ll pay, so you can make a detailed budget.

Averages costs are taken from The MoneyHelper

First time buyer costs and fees

First time buyers usually focus on saving enough money for a deposit.

This is the biggest upfront cost involved in buying your first home, so it makes sense to save up for this first. A deposit for a first time buyer is usually a minimum 10% of the property value. 

There are other fees you should consider too, including valuation costs, home insurance and legal or conveyancing fees.

Here’s a breakdown of the fees you’ll pay on your first home.

Mortgage costs

Aside from your deposit, you’ll pay fees to set up your mortgage, including:

Legal costs

You’ll need to hire a solicitor or conveyancer to manage the legal work required to buy your first home. These legal costs are usually split into two categories:

Other costs

There are other costs you should account for when budgeting for your first home, including: 

  • Home insurance – Lenders will require you to take out buildings insurance. The cost for buildings insurance varies depending on the provider and level of coverage you pick.
  • Survey fees – It’s worth setting up your own property survey to see if there are any problems with the property. The price for a survey varies depending on how detailed it is.
  • Moving house – You’ll also need to pay to move or store furniture. Moving costs depend on how much stuff you have and how far you’re moving. See our guide on the costs of moving house for a full breakdown.

First time buyers and Stamp Duty

Most first time buyers won’t have to pay Stamp Duty on their new home.

If you're a first time buyer in England and Northern Ireland, you will not have to pay Stamp Duty on the first £425,000 of a property’s purchase price and then 5% for any amount above £425,000 up to £625,000.

If the purchase price is over £625,000, you will pay Stamp Duty at the home mover rate. 

Find out more about Stamp Duty.

The content on this page is for reference and does not constitute finance advice.

For impartial financial advice, we recommend government bodies like the MoneyHelper.

Calculators & tools

We have a range of mortgage calculators to help you:

  • Find out how much you could borrow from Lloyds Bank
  • See how much you could save if you make overpayments on your mortgage
  • Get an idea how a change to the Bank of England Base Rate could effect your monthly payments

Use our mortgage calculator and tools >

Need to speak with someone?

You can talk to us over the phone or use our mortgage video service from the comfort of your own home.

Contact us

Important legal information

Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.

Telephone calls may be monitored or recorded in case we need to check we have carried out your instructions correctly and to help us improve our quality of service.